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and the last administration. look at energy. look at private cultivation. look at texas. look at oklahoma. look at north dakota. they're creating jobs. then look at the epa. certainly growth is the only way out. we talk about cutting spending. we're not even cutting the baseline. we're cutting the growth in spending. >> what about jim's point of view that the deficit as a percentage of gdp is declining? >> i don't believe his math. i see trillion-dollar deficits for the last several years. i see us fighting over 2, 3, or 4 trillion over ten years when we still have a trillion every year for the last three. it doesn't add up. i don't know what jim is looking at. >> well, it's not my number. it's numbers from the government itself. >> that's good. >> the big decision you have to make when you apply fiscal austerity is how fast and how aggressive do you apply it while trying to improve the deficit but also maintain and not hamper the recovery or end the recovery. i would ask rick and everyone this, the question you have to ask yourself, who's best equipped to make that decision? is it a bunch of e
of education, energy, homeland security, interior, justice, state. in fact, it's more than we spend at all of them combined. maria, if we do nothing, by the year 2020, we'll be spending over $1 trillion a year on interest cost alone. that's $1 trillion we can't spend in this country to educate our kids or to rebuild our infrastructure or to do high-valuated research. unfortunately, it is $1 trillion that's going to be spent in those countries we're borrowing from. we'll be building the infrastructure in asia. we'll be educating those kids over there. it means we'll be building their universities so the research is done over there so the next new thing is created over there so the jobs of the future are there, not here. that's crazy. >> i think i know the answer to this next question, but i mean, what is a better outcome for the long-term fiscal health of the country? kicking the can down the road or leaving the status quo on spending and taxes or going over the fiscal cliff? i mean, do we need to go over the fiscal cliff with the four spending cuts and tax hikes to get things moving? >> th
. the sectors, very much the risk-on sectors are the ones suffering the most. so energy, materials, technology, financials, are the ones you're going to see them sell if they expect the fiscal cliff negotiations to drag on here. what's the message for the market right now? you ready buy yet on this market? >> michael shay is not ready to buy yet. however, i'll tell you it was nice to see that short-term bottom today prior to the white house press conference. it's not as though a whole lot changed. it's been the same message we've got all week. but we got the message in a different setting. we got it at the white house, and we got it after they had met. >> is any deal satisfactory for the market? just get a deal so we get some clarity of how much we're going to pay in taxes, whether it's capital gains or income or whatever it is. any deal. >> no, i don't think any deal. to me, there has to be a deal that actually finally makes sense. >> gary? >> you want to buy some drug stocks. they were not in the group that it lost, as you just -- >> health care was damaged less this week. everybody was down
would achieve some of his energy goal simply not possible. you can't do it in a short time frame. so i think there are practical questions to that. but i don't think there's a principal objection to it if you somehow combined it with the existing system that in a way that reserved the distribution of the tax burden. he doesn't want to go backward on progressivity. and i think if you can meet those tests, that's part of help saying he's open to it. they've always been skeptical that you can did all these things. spi entitlement reform, deficit reduction and tax reform in anything close to the same time frame. >> all right, john, thank you. one more thing -- becky, i'm afraid to tell you this. fi phil lebeau, he knows everything about -- the last major -- >> i saw that. >> last major airline crash in the u.s. with fatalities was the one which was right after 9/11. >> horrific. >> in new york and right after 9/11. november of 2001. >> there was a 60 minutes piece on that neighborhood because that neighborhood just got swamped again. belle harbor i believe is the name. it just got swamped
Search Results 0 to 3 of about 4